Original | Odaily Planet Daily (@OdailyChina)
Author | Azuma (@azuma_eth)
Following 312 and 519, 1011 is destined to be a day written in the history of cryptocurrency.
Last night, influenced by Trump's sudden tariff remarks, global financial markets plummeted, and the cryptocurrency market also suffered a severe blow — BTC once dropped to 101,500 USDT, ETH to 3,373.67 USDT, SOL to 144.82 USDT, and BNB to 860 USDT.
Even more exaggerated were other smaller market cap altcoins, which, affected by a series of market liquidations, saw multiple altcoins drop over 80% or even 90% in a short time. Having experienced 312 and 519, I have never seen altcoins collectively exhibit such exaggerated single-day declines.
Odaily Note: A screenshot of the Binance drop leaderboard from this morning, which doesn't even reflect the lowest point of the drop.
Coinglass data shows that as of around 7:40 this morning, the total amount of liquidations across the network in the past 24 hours was 19.133 billion USD, with as many as 1,618,240 people liquidated. The largest single liquidation was a long position of ETH worth 203 million USD on the Hyperliquid platform.
In extreme market conditions, although the vast majority of users' positions were severely impacted (for example, some experienced multiple liquidations overnight), there were also those who "picked up the pieces" and seized the opportunity for wealth during the extreme market.
Wealth Opportunity One: Direct Shorting
The simplest wealth opportunity is, of course, to short directly, which doesn't need much elaboration.
For example, Hypurrsan data shows that a whale address starting with 0x2ea18 made a profit of 72.33 million USD in the past 24 hours by shorting BTC and ETH. This whale has withdrawn 60 million USD in USDC back to Arbitrum, securing the profits.
Wealth Opportunity Two: Bottom Fishing
Compared to contract players, the biggest opportunity for spot users is naturally bottom fishing — if you had orders placed at low prices last night or stayed awake all night, you had the chance to buy:
1.25 USD for XRP;
0.095 USD for DOGE;
0.55 USD for SUI;
1 USD for IP;
0.25 USD for XPL (this was 2.7 USD just a few days ago);
0.1 USD for ARB;
79 USD for AAVE;
1.65 USD for PENDLE;
0.05 USD for JUP;
0.13 USD for ENA;
2 USD for UNI;
1.5 USD for TRUMP;
0.001 USD for ATOM (yes, you read that right!);
0.00000 USD for IOTX (yes, you still read that right! See the image below ↓ )…
In addition to small-cap altcoins, although mainstream coins like ETH and SOL seemed to have smaller declines, they also presented excellent bottom fishing opportunities — due to liquidity constraints, the prices of some liquidity derivative tokens experienced significant volatility, with WBETH once dropping to 430 USD and BNSOL to 34.9 USD — who would have thought before going to bed last night that we would see ETH at 400 and SOL at 30…
After the market somewhat recovered, many KOLs began to share their profit situations on X, such as Vida (@Vida_BWE), who disclosed a profit of about 8 million USD overnight.
Wealth Opportunity Three: Stablecoin Decoupling
Aside from altcoins with some uncertainty, the short-term decoupling of USDe was also a significant bottom fishing opportunity last night.
Due to market liquidity issues (some users needed to convert USDe back to USDT to supplement margin), USDe once decoupled last night, panic-driven, dropping to 0.6268 USD, and some users seized this opportunity to bottom fish, making a fortune after the peg was restored.
After the fact, Ethena officially stated on X that USDe is safe and sound, and even the protocol made some extra profits due to the extreme market conditions — "Due to market turbulence and large-scale liquidations, the secondary market price of USDe experienced fluctuations. We can confirm that the minting and redemption functions of USDe have always been operational, with no downtime, and USDe remains over-collateralized. Due to liquidations, the market's contract trading prices have consistently been below spot prices and have continued to be below spot prices. Since Ethena holds spot and shorts contracts, this unexpectedly generated more additional income for USDe. Therefore, due to the sudden events, the over-collateralization rate of USDe will be higher than yesterday."
No need to worry, only a few profited, and those who missed out are just victims of fate.
For those who missed last night's market (including myself), watching the above opportunities slip away may evoke some envy or anxiety, but the reality is that only about 1% of users could become wealthy from this, while over 99% of users woke up to face losses in their accounts.
In one night, nearly 20 billion USD vanished in the contract market, marking a night of wealth transfer in the market and a night when many users lost everything… In such extreme market fluctuations, all we can do is reduce risks and preserve our capital — after all, only by staying in the game can we play until the end.
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